REGULATIONS FOR ELECTION OF DEALING MEMBER FIRMS TO COUNCIL OF THE NIGERIAN STOCK EXCHANGE.
Regulations for election of our dealing financial members to the Council of The Nigerian Stock Exchange.
- The Election of members to council of the NSE shall be held before the Annual General meeting of the NSE for the particular year that representative members are due for replacement.
- The Election shall be by single transferable vote (Proxy).
- The Election shall be conducted at a date determined by the Election Committee
- The notice of Election shall be published on the screen of the Nigerian Stock Exchange, ASHON website, on the Notice Boards at the NSE, CIS & ASHON, and a notice should be sent to each Dealing Financial Member in good financial standing four (4) weeks before the date of Election.
- The General Secretary of the Association shall act as secretary to the Election Committee. The committee shall be responsible for the management of the Election and declaration of the result of the election.
- The electorate shall consist of dealing member firms who are in good financial standing.
- The Electoral register shall consist of dealing member firms as defined in 6, who are of good financial standing (A Member must have paid the previous 2 years and the current year annual subscriptions before the elections)
- The Electoral list shall be made available one week before the General election. Any qualified member whose name does not appear on the roll should notify the General Secretary not later than 2(two) days prior to the General meeting with a letter and proof of Eligibility.
- All Electorates are Eligible.
- All CEO’s of dealing member Firms are Eligible.
- Elected EXCO members of ASHON are NOT Eligible. However, any EXCO Member who desires to contest election into Council should resign prior to the election.
- No Council Member having served a 3 year term on The National Council of The Nigerian stock Exchange is Eligible until after 5 years post service.
- No member of the Electoral Committee shall be eligible for election while serving in the committee.
- Only members of the Electorates shall be eligible for nomination. Nominations must be addressed to the Electoral Committee and submitted at the secretariat or submitted online, not later than 5:00pm on a date specified in the Election Timetable. Nomination must be on the prescribed form (duly completed and sealed) which can be obtained from the secretariat or downloaded at ashonng.com
- Nomination shall be made on a specified nomination form by a member of the Electorate and endorsed by 4 other Members of the Electorate. Nominations are to be duly signed by two authorized signatories of the nominating firm.
- The nominee member firm must give its consent to the nomination in writing, supported by a board resolution to that effect. Both consent letter and board resolution should be duly sealed.
- Nominations are to be duly signed by authorized signatories of the Dealing Member Firms, one of whom should be the Managing Director with the company seal of the Dealing member firm duly affixed.
- The Election Committee shall request for a report on each candidate from the Disciplinary Committee of The Association of Stockbroking Houses of Nigeria (ASHON), The Chartered Institute of Stockbrokers (CIS), The Nigerian Stock Exchange (NSE), Securities and Exchange Commission (SEC) to determine the eligibility or otherwise of the candidate.
- The Election Committee shall provide serialized nomination forms and publish the Election guidelines calling for nominations.
- Two weeks after closure of nominations, each nominee will be notified of the outcome of the Electoral Committee deliberations and the list of candidates will then be confirmed and published. In the event that there is no eligible candidate for the vacant Council positions, there will be further request for nominations in line with the electoral guidelines within the 2 weeks before the election.
- Completed ballot papers should be dropped in the ballot box at the ASHON Secretariat within the specified time span. Any ballot received after that date and time shall be considered invalid. All ballot papers must be duly signed by 2 authorized signatories, one of whom should be MD/CEO and properly sealed before submission.
- The Electoral Committee will count and announce the result of the Election at a General meeting of Members duly convened by ASHON Executives.